Artist to Mogul: The Financial Steps You Need To Take To Build Your Empire
/“There’s no off-season when you’re serious about being a winner.”
― Tim S. Grover, Relentless: From Good to Great to Unstoppable
In Part One and Two of our artist to mogul status, Eric Hunt, CPA discussed the behaviors you need to hone and the organization you need to develop in order to prepare for your big moment. In the concluding Part III, Hunt describes the structure your business needs to have in order to a multi-million or billion dollar empire.
Adopting The Mindset Of A Mogul
The biggest structure shift is your mindset - from gig to gig to being a mogul. A mogul is a dealmaker. Someone who thinks long term and is willing to put in the work to empower those around them to shine.
This shift takes quieting the ego. As an artist, you are used to being in the spotlight and love it. But, it’s time to allow those around you to share the spotlight so that your empire can expand. So that you can make more money, but also so that you can enjoy life’s moments. As a performer - especially on the road- there are times when you’ll miss birthday parties, weddings, your baby’s first steps. You want to build a business that allows you to experience those once in a lifetime moments. Building a business that supports your life requires having a team and creating structure around your business operations.
Building Your Team
The first step is to get clear on who needs to be on your team. Here is a list of professionals to consider as you build your team.
Accountant- seek a firm that understands your unique industry and tax situations
Business Manager- your manager can also be your accountant
Attorney- seek a firm that specializes in intellectual property
Creating Your Business Processes
The second step is the operations and procedures of your business. In order to develop this you need to be able to answer the following questions.
How do we engage with a prospective client?
How do we onboard a new client?
What is our main service or offering?
Who is our target audience and how are marketing to them?
How do we evaluate our cash and reserves (savings)?
Shifting from an artist to a mogul, may feel overwhelming. Especially when you begin asking yourself questions that are new territory. Remember, you are a natural-born entrepreneur and you have gotten this far on sheer talent, will and hard work. Your ambition, focus, and dedication will continue to support your growth, and with the support of a team you will be able to elevate your brand to legendary status.
About Eric M Hunt, CPA, MST, Founder & CEO of E HUNT CPA, works with Artists and Creative Business Owners. Eric helps his clients grow their businesses beyond their wildest dreams by giving them exactly what they need most: more time to create and do what they do best. Eric has over 20 years of experience in accounting and finance for large firms dealing with mid-size corporations on complex tax and accounting matters. Eric's vast experience and years of training coupled with boutique specialization provide his clients peace of mind and practical wisdom. Practical wisdom is in his blood and he recognized this very early in life. He uses his gift to benefit his clients allowing them to stay in the flow longer, worry-free and inspired to create. When he's not crunching numbers and strategizing, you can find Eric spending time with his family, golfing, or watching a movie.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha. A former NFL cheerleader turned entrepreneur, she started blogging as a way to combine all of her passions into a career. Money & Mimosas is read by thousands of women in over forty countries who want to achieve financial freedom without living frugally.
